Accounting Principles

Accounting Principles,

Accounting Principles means,

  1. The rules of accounting are the rules and guidelines that companies must follow when reporting financial information. In the United States, the Financial Accounting Standards Board (FASB) publishes a set of standard accounting principles, commonly known as Accounting Principles (GAAP). Here are some basic principles of accounting:

    • Accounting standards were introduced to improve the quality of financial information published by companies.
    • In the United States, the Financial Accounting Standards Board (FASB) publishes the Generally Accepted Accounting Principles (GAAP).
    • GAAP is mandatory for all publicly traded companies in the United States. They are also regularly applied by unlisted companies.
    • Internationally, the International Accounting Standards Board (IASB) publishes the International Financial Reporting Standards (IFRS).
    • The FASB and IASB sometimes work together to publish common standards on current affairs, but the United States has no immediate plans to go to the IFRS anytime soon.

Literal Meanings of Accounting Principles


Meanings of Accounting:
  1. The process or process of restoring financial accounts.

Sentences of Accounting
  1. Alleged investigation of illegal accounting

Synonyms of Accounting

commerce, investment, business, money management, banking, financial affairs, economics, pecuniary matters, accounting, money matters, fiscal matters


Meanings of Principles:
  1. A basic truth or statement that serves as the basis of a system of belief or practice, or chain of reasoning.

  2. A general scientific phrase or law that has a wide range of specific uses.

  3. The source or basic basis of something.

Sentences of Principles
  1. Fundamental principles of justice

  2. Physics has a great advantage here, because the ability to draw interesting conclusions from general principles is found earlier in physics than in other sciences.

Synonyms of Principles

proposition, truth, theory, postulate, idea, concept